Ark Invest and 21Shares, prominent players in the cryptocurrency investment space, have unveiled their plans to introduce an Ethereum Futures Exchange-Traded Fund (ETF), according to an official filing submitted to the United States Securities and Exchange Commission (SEC). This announcement comes on the heels of their ongoing pursuit of approval for a collaborative Bitcoin ETF.
The recent filing, dated August 24, highlights the joint effort of Ark Invest and 21Shares in introducing an Ethereum ETF product. The filing designates Ophelia Snyder, a portfolio manager from 21Shares, as the individual responsible for the fund’s day-to-day operations. Specifically, Ms. Snyder will oversee discretionary investment decisions, security selection, and portfolio weightings, thereby playing a pivotal role in managing the fund since its inception.
The move to launch an Ethereum Futures ETF is bolstered by rumors surrounding the SEC’s potential approval of Ether-Futures ETFs by October. As it stands, six other companies are vying for approval to launch Ether Futures ETFs, including Ether Strategy ETF, Bitwise Ethereum Strategy ETF, Roundhill Ether Strategy ETF, VanEck’s Ethereum Strategy ETF, ProShares Short Ether Strategy ETF, and the Grayscale Ethereum Futures ETF.
It’s worth noting that both Ark Invest and 21Shares initially sought approval for a Bitcoin ETF from the SEC in 2021. However, their efforts encountered an initial rejection, and subsequently, another setback earlier this year. Despite these challenges, the two investment firms have remained active in the pursuit of ETF offerings, reflecting their commitment to providing investors with exposure to the cryptocurrency market through regulated investment vehicles.
Cathie Wood, CEO of Ark Invest, recently shared her perspective on the prolonged approval process for a spot Bitcoin ETF. She suggested that the SEC’s delay could be attributed to a strategy of approving multiple firms simultaneously for spot Bitcoin ETFs. Wood’s statement implies that the regulatory body might be inclined to grant approval to several offerings in a concerted effort, possibly to ensure a more balanced and competitive market environment.
As the cryptocurrency landscape continues to evolve, the introduction of ETFs tied to popular digital assets like Ethereum and Bitcoin could potentially democratize access for mainstream investors. The collaboration between Ark Invest and 21Shares, along with the growing interest from other companies in the ETF space, underscores the ongoing convergence of traditional finance and the digital asset ecosystem.